BTC dumps on US Inflation Data 🔻

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📅 Today

🔍️ Market Outlook For The Week

• Overall Bias - Cautious 🙏 

• BTC dipped to it’s 200 Daily EMA at ~$60,000

• It is crucial that this EMA should hold as support

• This is a crucial price level. If BTC breaks here, further downside can be expected.

• However, historically, Q4 has been the best-performing quarter for BTC so that we can expect some bullish momentum due to seasonality.

• For the bulls, a clear breakout above $67,500 will take BTC to new all-time highs

• It is wise to not take any new leveraged positions till BTC closes above $67,500, and just DCA in spot instead.

USA CPI data comes in worse than expected 🙏 

USA CPI & Initial Jobless Claims data were both released on the same day, which is unusual as they rarely coincide, with the last occurrence on June 13th. More importantly, all data came in worse than what the market was expecting.

👉 Headline CPI:

• Actual: 2.4%

• Estimated: 2.3%

• Prior: 2.5%

👉 Core CPI

• Actual: 3.3%

• Estimated: 3.2%

• Prior: 3.2%

👉 Initial Claims

• Actual: 258k

• Estimated: 230k

• Prior: 225k

As a result of these less than favorable results, Bitcoin dumped 3.51% yesterday, before bouncing back to $61,200 at the time of writing.

Justin Sun is named the Prime Minister of Liberland ❗️ 

Justin Sun, founder of TRON, has been named prime minister of Liberland.

Liberland is a self-proclaimed libertarian micronation founded in 2015 by former Czech politician Vít Jedlička, who serves as its President.

Situated on the western bank of the Danube River between Croatia and Serbia, Liberland covers just 7 square kilometers (2.7 square miles)

Liberland boasts no mandatory military service and no taxes. However, the country remains unrecognized by the United Nations, raising questions about its legitimacy.

It aims to be a libertarian paradise with its own cryptocurrency-driven economy.

📕 Educational

Uniswap’s trading volume by chain provides some interesting signal amongst the growing noise on L2s — while also shining a light on Ethereum L1s continued dominance.

Case & Point:

1. Ethereum L1 still controls 64% of Uniswap’s trading volume. It was 72% last year. And 90% in 2022.

2. The number 1 L2 in terms of Uniswap volume? Arbitrum. It commands an 18.6% market share today (up slightly from 18.4% in ‘23 (2.5% in ‘22).

3. The number two L2? Base. Base has a 6% market share today.

4. Which chains are losing market share of Uniswap volume? Polygon has 4.6% today (5.3% in ‘22). All other chains are growing market share except for ETH L1.

Uniswap has had to share economics with all of these chains (MEV, transaction fees, etc.)

But that's all changing now.

Yesterday Uniswap announced "Unichain" on Optimism. This new Layer 2 promises ultra-fast transactions, minimal fees, and groundbreaking cross-chain interoperability.

The market seems to like the move as it pumped 12% on the news.

Source : Michael Nadeau

📊 Stat of the day

📈 Chart of the day

Rationale :

• Aave is consolidating in a symmetrical triangle pattern

• Whichever side the price breaks, momentum continuation can be expected

• If $135 breaks down, a re-test of the triangle can be expected before further downside continuation

• If $153 is broken on the upside, bullishcontinuation can be expected with a re-test of the triangle.

• Source : Cointraction

🤣 Meme of the day

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.